Performance Evaluation of Turkish Equity Funds in An Era of Quantitative Easing PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Performance Evaluation of Turkish Equity Funds in An Era of Quantitative Easing PDF full book. Access full book title Performance Evaluation of Turkish Equity Funds in An Era of Quantitative Easing by Gözde Ünal. Download full books in PDF and EPUB format.
Author: Gözde Ünal
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
Get Book Here
Book Description
This paper aims to evaluate the performance of A-Type Turkish equity funds between January 2009 and November 2014. This study period coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced dramatically. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Borsa Istanbul (BIST) yielded 21% compounded on average, per annum. A-Type Turkish equity funds' weekly returns used also as to compare these funds performance in this period. Within this framework, fourteen A-Type equity funds are included in the study by using weekly returns. In order to measure these funds' performances, Sharpe ratio (1966), Treynor ratio (1965) and Jensen alpha (1968) methods are used. Jensen's alpha also provides information on selectivity skills of fund managers. Additionally, market timing ability of fund managers is analyzed using regression methods of Treynor & Mazuy (1966) and Henriksson & Merton (1981).
Author: Gözde Ünal
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
Get Book Here
Book Description
This paper aims to evaluate the performance of A-Type Turkish equity funds between January 2009 and November 2014. This study period coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced dramatically. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Borsa Istanbul (BIST) yielded 21% compounded on average, per annum. A-Type Turkish equity funds' weekly returns used also as to compare these funds performance in this period. Within this framework, fourteen A-Type equity funds are included in the study by using weekly returns. In order to measure these funds' performances, Sharpe ratio (1966), Treynor ratio (1965) and Jensen alpha (1968) methods are used. Jensen's alpha also provides information on selectivity skills of fund managers. Additionally, market timing ability of fund managers is analyzed using regression methods of Treynor & Mazuy (1966) and Henriksson & Merton (1981).
Author: Gözde Ünal
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
Get Book Here
Book Description
This paper aims to evaluate the performance of A-type Turkish funds between January 2009 and November 2014. This study period coincides with the period of quantitative easing during which developing economies in financial markets have been influenced dramatically. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Borsa Istanbul (BIST) yielded 21% compounded on average, per annum. A-type Turkish funds are investigated in order to compare these funds performance within this period. Within this framework, 15 A-type equity funds and 18 A-type variable funds are selected. So as to measure these funds' performance, Sharpe ratio (1966), Treynor ratio (1965) and Jensen alpha (1968) methods are used. Moreover, Jensen's alpha also provides information on selectivity skills of fund managers. Furthermore, Treynor&Mazuy (1966) regression analysis method is applied to market timing ability of fund managers.
Author: Omer Tan
Publisher:
ISBN:
Category :
Languages : en
Pages : 14
Get Book Here
Book Description
This study aims to evaluate the performance of Indian equity funds between January 2009 and October 2014. This study period coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced. After the global financial crisis of 2008 came a period of quantitative easing (QE), creating an increase in the money supply and leading to a capital flow from developed countries to developing countries. During this 5-year 10-month period, in which the relevant quantitative easing continued, Indian CNX500 price index yielded approximately 21% compounded on average, per annum. In this study, Indian equity funds are examined in order to compare these funds' performance within this period. Within this scope, 12 Indian equity funds are chosen. In order to measure these funds' performances, the Sharpe ratio (1966), Treynor ratio (1965), Jensen's alpha (1968) methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers.
Author: Cem Çakmaklı
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Abstract: We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model to Turkey. Sectoral supply shocks are based on the proximity requirements in each sector and the ability to work from home. Physical proximity determines the supply shock through its effect on infection rates. Sectoral demand shocks incorporate domestic and foreign demand, both of which adjust with infection rates. We calibrate demand shocks during COVID-19 using real-time credit card purchase data. Our results show that the optimal policy, which yields the lowest economic cost and saves the maximum number of lives, can be achieved under a full lockdown of 39 days. Economic costs are much larger for an open economy as the shocks are amplified through the international production network. A decline in foreign demand leads to losses in domestic sectors through international input-output linkages, accounting for a third of the total output loss. In addition, the reduction in capital flows deprives the network from its trade financing needs, where sectors with larger external finance needs experience larger losses. The policy options are limited given sparse fiscal resources to fight the pandemic domestically, while serving the external debt. We present historical evidence from 2001 crisis of Turkey, when fiscal, monetary and exchange rate policies were employed altogether to deal with a triple crisis of balance of payments, banking, and sovereign debt
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
Get Book Here
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Peter J. N. Sinclair
Publisher: Routledge
ISBN: 1135179778
Category : Business & Economics
Languages : en
Pages : 402
Get Book Here
Book Description
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 241
Get Book Here
Book Description
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author: Eduardo Fernandez-Arias
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 48
Get Book Here
Book Description
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 70
Get Book Here
Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475511310
Category : Business & Economics
Languages : en
Pages : 76
Get Book Here
Book Description
The IMF's 2012 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2012, which covers the period from May 1, 2011, through April 30, 2012. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2012.
